TULSA, Okla., Oct. 23, 2017 /PRNewswire/ -- ONEOK, Inc.
(NYSE: OKE) today announced that the West Texas LPG Pipeline
Limited Partnership, a joint venture between ONEOK, which is the
operator and owns 80 percent, and Martin Midstream Partners L.P.,
which owns 20 percent, plans to invest approximately $200 million to expand its natural gas liquids
(NGL) system into the prolific Delaware Basin, part of the larger Permian
Basin.
This project, which is expected to be completed in the third
quarter of 2018, is supported by long-term dedicated NGL production
from two planned third-party natural gas processing plants in
northern Reeves County, which we
estimate will produce up to 40,000 barrels per day (bpd).
The Delaware Basin extension
includes:
- The construction of an approximately 120-mile, 16-inch pipeline
lateral that will have an initial capacity of 110,000 bpd; and
- The construction of two new pump stations and pipeline looping
along the existing West Texas LPG system that will increase its
capacity to handle the dedicated volume.
"Extending the West Texas LPG Pipeline into the core of the
Delaware Basin, one of the fastest
growing plays in the U.S., positions the West Texas LPG system for
significant future NGL volume growth," said Terry K. Spencer, ONEOK president and chief
executive officer.
West Texas LPG Pipeline is an NGL pipeline system that consists
of approximately 2,600 miles of NGL pipeline in Texas and New
Mexico. The system provides transportation services to the
Mont Belvieu market center from
nearly 40 third-party natural gas processing plants located in the
Permian Basin. The Permian Basin in southeastern New Mexico and western Texas is the largest crude oil and natural gas
producing basin in the U.S.
EDITOR'S NOTE:
View map showing the location of the new pipeline lateral.
ONEOK, Inc. (pronounced ONE-OAK) (NYSE: OKE) is one of the
largest energy midstream service providers in the U.S., connecting
prolific supply basins with key market centers. It owns and
operates one of the nation's premier natural gas liquids (NGL)
systems and is a leader in the gathering, processing, storage and
transportation of natural gas. ONEOK's operations include a
38,000-mile integrated network of NGL and natural gas pipelines,
processing plants, fractionators and storage facilities in the
Mid-Continent, Williston, Permian and Rocky Mountain regions.
ONEOK is a FORTUNE 500 company and is included in Standard &
Poor's (S&P) 500 index.
For information about ONEOK, Inc., visit the website:
www.oneok.com.
For the latest news about ONEOK, find us on LinkedIn, Facebook
or Twitter @ONEOK.
Some of the statements contained and incorporated in this news
release are forward-looking statements as defined under federal
securities laws. The forward-looking statements relate to our
anticipated financial performance, liquidity, management's plans
and objectives for our growth projects and other future operations
(including plans to construct additional natural gas and natural
gas liquids pipelines), our business prospects, the outcome of
regulatory and legal proceedings, market conditions and other
matters. We make these forward-looking statements in reliance
on the safe harbor protections provided under federal securities
laws and other applicable laws.
Forward-looking statements include the items identified in the
preceding paragraph, the information concerning possible or assumed
future results of our operations and other statements contained or
incorporated in this news release identified by words such as
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," "should," "goal," "forecast," "guidance," "could,"
"may," "continue," "might," "potential," "scheduled" and other
words and terms of similar meaning.
One should not place undue reliance on forward-looking
statements. Known and unknown risks, uncertainties and other
factors may cause our actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by forward-looking statements.
Those factors may affect our operations, markets, products,
services and prices. These and other risks are described in greater
detail in Item 1A, Risk Factors, in our most recent Annual Report
on Form 10-K and in the other filings that we make with the
Securities and Exchange Commission (SEC), which are available on
the SEC's website at www.sec.gov. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these factors. Any such
forward-looking statement speaks only as of the date on which such
statement is made, and, other than as required under securities
laws, we undertake no obligation to update publicly any
forward-looking statement whether as a result of new information,
subsequent events or change in circumstances, expectations or
otherwise.
Analyst
Contact:
|
Megan
Patterson
|
|
918-561-5325
|
Media
Contact:
|
Stephanie
Higgins
|
|
918-591-5026
|
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SOURCE ONEOK, Inc.